The IRS has seized $43 million from more than 600 individuals by accusing them of violating “structuring” laws even when there has been no evidence of criminal wrongdoing, according to testimony heard at the House Ways and Means Committee today.
In 2012, two armed IRS agents went to the farm of Randy Sowers, a dairy farmer for over three decades, to notify him that the IRS had seized the business’ bank account, which held more than $60,000. The agents told Sowers the IRS had done so because of structuring laws.
When an individual conducts a cash transaction in excess of $10,000, according to federal law, the bank must file a currency transaction report with the Treasury Department. It is unlawful for an individual to break up or “structure” cash deposits into amounts below $10,000 to avoid federal currency reporting.
“At that point, I had never before heard the term ‘structuring,’ and I had no idea that depositing cash in the bank could even potentially be a federal crime,” Sowers said. “Nobody from the bank or the government warned me that under-$10,000 bank deposits could lead to the seizure of our bank account. Indeed, nobody from the government contacted me about our bank deposits until after they seized our bank account.”
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3 comments:
The US Government and its accompanying private for-profit Federal Reserve Bank (including the henchmen iRS) are all criminal entities. They rig all financial markets. They suppress the prices of bonds and precious metals. The inflate the prices of consumable commodities (including oil). They arbitrarily spend money they do not have, create it out of thin air, and then demand the the people 'pay them back" for money they never had!
All Government employees should seriously consider if they want to remain in the employee of such an evil den of vipers.
So, fix it and give these people their money and property back, with interest and penalties.
Many, many, many years ago a couple walked into a realtors office with a check for down payment on a home to be told they had to account for the cash so that the IRS could be certain it was not drug money.
I think that was in the early 80s and I think it has been that way ever since.
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